Review on Bitcoin by Robert Evans
First and wildly used cryptocurrency. Not really decentrolized as not all of…
First and wildly used cryptocurrency. Not really decentrolized as not all of us have the money to buy some OP machine to mine the coins so the network becomes dependent on the miners, who can do what ever they wish to since they are the ones controlling the network not the other people who just use wallet and to have transactions.
It is more like an investment than an universal Internet crypto currency (at least thats how I see the bitcoin). Fees are really high sometimes when the network is crowded it can cost like 5$ to send 10$ in 24hours time which can never work as a currency. This is how I see the bitcoin.
All in all first “giant” that will stay and live in the game.
Pros
- Wildly accepted, can be nice investment if you know the markets well
Cons
- fees are expensive (block time 10mins with 1mb max block limit). Proof of Work - costly. Slow confirmation time.
